Mozambique: World Bank approves $131 million for electricity projects
Xtract Resources shares rise on higher Fair Bride deposit gold production in Manica, Mozambique
6:23 CAT | 06 Jul 2023
FILE - For illustration purposes only. [File photo: Xtract Resources]
Shares of Xtract Resources rose 11% on Thursday after the company reported a rise in gold production for the Fair Bride deposit within the Manica concession in Mozambique over the past quarter. Here’s what the mining company had to say:
On Fair Bride (Xtract has a 23% share of net profit):
“Fair Bride gross gold production continued to increase during 1Q 2023 and was 140kg (equivalent to approximately 4,522 ounces).”
“Fair Bride’s average gold sales price for 1Q 2023 was $1,859 per ounce.”
“Month on month, gold production has increased from 37.6kg in January 1Q 2023 to 66.3kg in May of the current quarter (2Q 2023).”
“Clear indications are that post the heavy rains, results are improving significantly and 2Q 2023 is showing a marked improvement with plant throughput increasing from 30,000 tonnes per month in 1Q 2023 to current nameplate capacity of more than 40,000 tonnes per month.”
On Other Manica Projects:
“The total gold production for these the other Manica projects in 1Q 2023 was 36Kg (equivalent to approximately 1,156 ounces) of which the Xtract’s share was 183 ounces.”
“Other Manica Projects’ average gold sales price for 1Q 2023 was $.1,812 per ounce.”
Shares at 1440 GMT were up 0.15 pence at 1.55 pence.
READ: Mozambique: Manica starts certification of diamonds, precious metals and gems – Watch
Source: Market Watch
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